External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 551.2/56.2/27.8bn, a beat/(miss) of 7.6/0.7/(6.6)%</li><li>P&amp;M margins came in at 7.6% (+20bps YoY) and LT expects to maintain a positive YoY margin expansion trend in ensuing quarters and retained 8.2-8.25% guidance for FY25</li><li>Despite Q1FY25 being an election quarter/lower labour availability, LT reported strong 15% revenue growth and maintained 15/10% revenue/order inflow guidance for FY25</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 551.2/56.2/27.8bn, a beat/(miss) of 7.6/0.7/(6.6)%P&amp;M margins came in at 7.6% (+20bps YoY) and LT expects to maintain a positive YoY margin expansion trend in ensuing quarters and retained 8.2-8.25% guidance for FY25Despite Q1FY25 being an election quarter/lower labour availability, LT reported strong 15% revenue growth and maintained 15/10% revenue/order inflow guidance for FY25Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Larsen & Toubro, Axis Bank, SBI Life Insurance, SRF, Petronet LNG

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Disbursements de-grew by 2/21% YoY/QoQ. Advances growth was healthy at 19/3% YoY/QoQ (Mortgages +21% YoY, AIB +29% YoY, Gold loans +9% YoY while Corporate growth was muted at +1% YoY).</li><li>Deposits growth was equally healthy at 20/5% YoY/QoQ. TDs growth was stronger at 6% QoQ vs. CASA deposit growth of 2% QoQ.</li><li>CASA Ratio contracted to 25.4% vs. 26% QoQ. C-D Ratio stood at 81.6% vs. 82.9% QoQ.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Disbursements de-grew by 2/21% YoY/QoQ. Advances growth was healthy at 19/3% YoY/QoQ (Mortgages +21% YoY, AIB +29% YoY, Gold loans +9% YoY while Corporate growth was muted at +1% YoY).Deposits growth was equally healthy at 20/5% YoY/QoQ. TDs growth was stronger at 6% QoQ vs. CASA deposit growth of 2% QoQ.CASA Ratio contracted to 25.4% vs. 26% QoQ. C-D Ratio stood at 81.6% vs. 82.9% QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DCB Bank Ltd.  - NIMs Impacted By One-Offs; RoAs Likely to Be Capped at 1% till FY26E!

<ul><li>Given the rising competitive intensity for low-cost and granular deposits facing the banking system, loan-deposit ratios at historical highs, and expected rate cuts towards the back-end of FY25, we believe banks are faced with the challenge of quality deposit mobilisation, elevated funding costs (lagged deposit re-pricing) and softer incremental spreads</li><li>As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is likely to keep valuations under check, especially of mid-sized, high-growth franchises</li><li>While we expect system-wide growth to decelerate by 90-100 bps from FY24 levels, we are conservative on incremental spreads across our coverage universe, pencilling in 50bps of rate cuts starting Q4FY25 (blended FY25 NIMs at 12-15bps below FY24)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Given the rising competitive intensity for low-cost and granular deposits facing the banking system, loan-deposit ratios at historical highs, and expected rate cuts towards the back-end of FY25, we believe banks are faced with the challenge of quality deposit mobilisation, elevated funding costs (lagged deposit re-pricing) and softer incremental spreadsAs banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is likely to keep valuations under check, especially of mid-sized, high-growth franchisesWhile we expect system-wide growth to decelerate by 90-100 bps from FY24 levels, we are conservative on incremental spreads across our coverage universe, pencilling in 50bps of rate cuts starting Q4FY25 (blended FY25 NIMs at 12-15bps below FY24)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Leveraged Financials: The Liquidity Conundrum

<ul><li>Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50 index (21.6% return over the same period) by a wide margin.</li><li>A few picks that reported excellent returns included PNC Infratech (15.5%), CIE Automotive India (8.5%), Coal India (8.1%), TVS Motor Company (5.8%), and Bharti Airtel (3.8%).</li><li>You can refer to our latest report here. Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 88% in May’24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50 index (21.6% return over the same period) by a wide margin.A few picks that reported excellent returns included PNC Infratech (15.5%), CIE Automotive India (8.5%), Coal India (8.1%), TVS Motor Company (5.8%), and Bharti Airtel (3.8%).You can refer to our latest report here. Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 88% in May’24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Key Highlights of the Month – Fundamental

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ICICI Securities research report onDCB Bank Driven by strong loan growth (up 5% QoQ), NIM uptick (up 14bps QoQ) and contained credit costs (driven by negligible net slippages), DCB Bank (DCB) reported higher-than-expected Q4FY24 PAT of INR 1.56bn with RoA of 1.02%.</li><li>We believe DCB will likely continue delivering strongly on loan and deposits growth, at ~16–17% CAGR, for FY24–26E.</li><li>After three quarters of moderation, yields/NIM have improved QoQ, though appears in-part driven by seasonality.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Securities research report onDCB Bank Driven by strong loan growth (up 5% QoQ), NIM uptick (up 14bps QoQ) and contained credit costs (driven by negligible net slippages), DCB Bank (DCB) reported higher-than-expected Q4FY24 PAT of INR 1.56bn with RoA of 1.02%.We believe DCB will likely continue delivering strongly on loan and deposits growth, at ~16–17% CAGR, for FY24–26E.After three quarters of moderation, yields/NIM have improved QoQ, though appears in-part driven by seasonality.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DCB Bank- Strong Quarter with Robust Business Growth and >1.0% RoA

India

DCB Bank Limited is a full service commercial bank. The Bank offers consumer banking, commercial banking, and treasury operations.

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DCB Bank Ltd (DCBB IN)

HSIE Results Daily: Larsen & Toubro, Axis Bank, SBI Life Insurance, SRF, Petronet LNG

Larsen & Toubro: Larsen & Toubro (LT) reported revenue/EBITDA/APAT at INR 551.2/56.2/27.8bn, a beat/(miss) of 7.6/0.7/(6.6)%

HDFC Securities

DCB Bank Ltd. - NIMs Impacted By One-Offs; RoAs Likely to Be Capped at 1% till FY26E!

Disbursements de-grew by 2/21% YoY/QoQ. Advances growth was healthy at 19/3% YoY/QoQ (Mortgages +21% YoY, AIB +29% YoY, Gold loans +9% YoY while...

Axis Direct

Leveraged Financials: The Liquidity Conundrum

Our hypothesis remains anchored around strong retail deposit franchises and declining spreads over the next 12 months, coupled with the...

HDFC Securities

Key Highlights of the Month – Fundamental

We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50...

Axis Direct

DCB Bank- Strong Quarter with Robust Business Growth and >1.0% RoA

ICICI Securities research report onDCB Bank Driven by strong loan growth (up 5% QoQ), NIM uptick (up 14bps QoQ) and contained credit costs (driven...

ICICI Securities Limited

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